It is a tale of two halves for CVD Equipment Corporation in its in its third quarter 2016 financial results, with its revenue income slashed in half but its order backlog reaching a record high.
The chemical vapour deposition system provider posted total revenue of just $4.8m for the third quarter, ended 30th September 2016, compared to $10.7m in the prior-year quarter – a drastic drop of 54.1%.
However, its backlog reached an all-time high, standing at $31.8m compared with $21.2m in 2015’s comparative quarter.
Despite its significant order surfeit in pipeline, CVD posted a loss in both operating income and net income, falling by $395,000 and $85,000 respectively. Operating expenses also declined from $3.3m to $2.1m.
The company’s President and CEO Leonard Rosenbaum remained optimistic and stated, “As we continue to diversify our customer base and invest in research and development (R&D), we are building our pipeline and looking at strategic opportunities to accelerate growth and to position CVD for a significantly stronger 2017.”
These latest results are a far cry from CVD’s 2015 fiscal year results – its highest levels in its history – when the US-based business demonstrated a record-breaking run of financial figures with full year revenue rising by 39.2% to $39m, compared to $28m in its 2014 financial results.